Egypt's Talaat Moustafa Group Holdings (TMG) said on Sunday that it will start construction of its recently launched 500 billion Egyptian pounds ($32 billion) Noor Capital Gardens mega residential project in the third quarter of 2021. 

Located in East Cairo across the upcoming New Administrative Capital development, Noor Capital Gardens is a joint venture between TMG and the New Urban Communities Authority (NUCA). 

TMG said in a stock exchange statement that the project, which includes commercial zones, educational zones and a 5-star hotel, had achieved record sales of 15 billion pounds ($954 million) in just three weeks of its 8 June launch date. 

The statement said construction will start in September 2021. 

The statement said the group’s hospitality portfolio reported better numbers during the first half 2021 compared to the previous three quarters when COVID-19 and travel bans pulled down the numbers.  

The hospitality portfolio reported total revenues of 338 million pounds ($21.6 million) at the end of May 2021. 

(1 US Dollar = 15.68 Egyptian Pounds) 

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com)

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